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Editor's Note
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Dear Reader,
There have been speculations in the international mainstream press like Cayman is going to fail because the EU is going to rise. The members of this Opalesque Cayman Roundtable do not see things that way: Europe's success does not have to mean Cayman's failure, as the products and regulations are seen as complimentary by the members of the Opalesque 2010 Cayman Roundtable.
In fact, a minimal number of funds have left Cayman for an European jurisdiction. As of September, only four funds move to Luxembourg and two to Malta, while Cayman continues to be the leading hedge fund jurisdiction and expects to register 1,200 new open-ended funds in 2010. This is the same figure as in 2009, bringing the total the number of Cayman hedge funds back to the pre-crash level of 9,589. Cayman Islands hedge funds are still the global benchmark and premium hedge fund products - if fund managers explore or set up European offerings, it is usually complimentary to their existing fund offerings rather than as a substitute for Cayman Islands funds.
Leading law firm Maples and Calder has shared the following statistics on Cayman hedge funds:
- The vast majority of funds formed in 2010 have at least one independent director and over 60% have two independent directors
- 80% have independent fund administrators
- About 25% have more than one prime broker at launch
- Downward fee trend: Less than half of funds still charge 2% management, but over three-quarters are in the range of 1% to 2%
- Incentive fees remain predominantly at 20%
- Very few funds have incentive fee clawback mechanisms
- About 50% of funds still have a fund level gate and only about 15% have an investor level gate
- About 25% of funds have a soft lock and about 15% a hard lock.
OECD further strengthens Cayman's recognition
Meanwhile, in a qualitative review following the initial quantitate review, the OECD recently recognized Cayman Islands' legal and regulatory regime complies with international standards for transparency and exchange of tax information. Cayman achieved this "white list" status fairly early on and now has 20 signed tax information exchange agreements and is awaiting signature on a further six agreements and currently negotiates with four more OECD member states. This recognition by the OECD adds to earlier recognition of Cayman's adherence to international standards by the International Monetary Fund (IMF), International Organization of Securities Commission (IOSCO) and the Caribbean Financial Action Task Force (CFATF).
The Roundtable was sponsored by Maples and Calder and Maples Finance and took place on Sept. 28th 2010 at their local Georgetown office with:
- Jon Fowler, Head of Investment Funds Group, Maples and Calder Cayman
- Karen Watson, Senior Vice President, Maples Fund Services
- Norm McGregor, Partner, Deloitte
- Don Seymour, Managing Director, dms Management
This Roundtable further includes details on:
- Historical review: How did Cayman manage to became the dominating offshore hedge fund jurisdiction?
- How important are the recent developments of jurisprudence in Cayman? Can international investors have confidence using the Cayman Island structure knowing that if something does go wrong, they can rely on a very robust court system here that will readdress the grievances?
- What should hedge fund managers and investors know about ASC 740 or FIN 48? Would the fund changing from US GAAP to IFRS help? Should, or can, the fund attempt to restate NAV's and/or adjust subscriptions/redemptions? Is there potential for clawback of redemption proceeds under Cayman Islands law once an investor has redeemed out? Does the fund pass the entire liability on to current investors?
- FATCA, the Foreign Account Tax Compliance Act, will be a massive undertaking from an operational standpoint for many stakeholders in the hedge fund industry due to the requirement to gather information on the ultimate investors. How can the industry prepare for FACTA?
Enjoy the read!
Matthias Knab
Director Opalesque Ltd.
Knab@opalesque.com
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Derivatives Forum 25-26 Feb., Congress Center Messe Frankfurt
Derivatives Forum Frankfurt is the leading European event focused on trading and clearing for derivatives across asset classes with more than 1,500 participants joining for two days of insightful content and exceptional networking opportunities.
With thought leadership insights, industry debates, keynote speeches and on-site networking opportunities, the Derivatives Forum Frankfurt becomes your key destination to meet and network with peers and customers with sessions covering:
- Markets & Regulation
- Derivatives & Portfolio Management
- Liquidity & Collateral Management
- Technology & Digital Assets
- Sustainability & Energy
- and more Deep Dive Sessions: Don't miss "Europe's Defense, AI & Quantum Computing - Forces Shaping Markets" panel on Feb. 25th 3:05 pm, moderated by Opalesque's Mathias Knab.
This year you will be able to join either in Frankfurt - and take full advantage of exclusive networking opportunities - or view selected slots on a virtual platform:
Agenda: https://home26.derivativesforum.eurex.com/#E09EE4
Registration:
https://redeemvoucher26.derivativesforum.eurex.com/#rsvp redeem voucher Opalesque-DFF for free registration
Hotel options: https://eventinfo26.derivativesforum.eurex.com/#E0422C
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Reuters Events: Investment London June 16, Convene Sancroft
On June 16th, 2026, Reuters Events will host Investment London - a one-day, high-impact gathering of over 300 asset owners, asset managers, and private capital leaders. This is not another finance conference - it's a curated environment for LP-GP matchmaking, strategic learning, and capital deal flow.
- 60% LP Audience: A uniquely controlled room designed around institutional investors to maintain trust, quality and relevance across the entire event - 60% LPs ($5 trillion AUM represented); 25% GPs; 15% Service Providers.
- Curated 1:1 Meetings: Pre-scheduled introductions with the partners that matter to you.
- Reuters-Backed Credibility: Global reach, proprietary insights, and the trust of the Reuters Events network will ensure we deliver a content-led, rather than sales-led, experience.
- Premium, Content-First Experience: Tailored formats to ensure valuable and authentic discussions on private equity, private credit, real assets, infrastructure, AI and fund operations.
- Capital Connector Live: Rapid-fire pitches & feedback: Explore what truly resonates with LPs, helping GPs refine their value proposition and LPs benchmark emerging approaches. With Opalesque's Matthias Knab as part of the judging panel.
With 60% of our audience being LPs, our credibility is our community with C-level executives from USS, NEST, Railpen, Ontario Teachers, and many more attending! More: https://events.reutersevents.com/investment/investment-london
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| AlternativeSoft's Laurent Favre on the Future of Fundraising: AI, Avatars, and a Click to Invest |
“In five years, all will be done with AI.”Raising capital is one of the biggest challenges for hedge fund managers, while discovering and analyzing promising small to mid-sized funds is a time-consuming task for allocators.AlternativeSoft, a platform trusted by 150 institutional clients ...
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Interested in featuring your firm here? Contact us
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| Technical Research Briefing |
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S&P FUTURES (@ES) – Daily
Currently: Long Looking to: Sell @ 4,118.75
As of 3/21/21 @ 7:58pm EST: 3,896
LAST WEEK: We suggested buying dips to 3,875 with stops on a close below 3,840 and with a target for selling longs / getting short at 4,118.75.
UPDATE: S&P futures had a terrible day Thursday and limped into the weekend. Right now, we put possible short-term ceilings at 3,918 or 3,950. If 3,918 holds as short-term resistance, we will look for a dip in the ES futures to 3,818 – 3,820. If 3,950 is tested and holds as resistance instead, we will look for a dip to 3,848 – 3,850 to follow. After this bounce and subsequent dip, we will be buying S&P futures aggressively (unless evidence presents itself that forces us to change our opinion) near one of those support levels.
We would look to buy dips to either 3,849 or 3,818.50 with stops honored on a close below 3,847 and 3,815, respectively. The upside target for either entry will be 4,119. NO SHORTING RIGHT NOW!
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